1. Term used to congratulate someone for a funny joke. Comlemented with a fist pump. Can be repeated.

2. Used to make someone feel stupid. You say it, offer them a fist pump and when they go for it, give them a thumbs down. Stick your toungue out at them if you like.

1. Your friend just told you a funny joke, so you say "Good one, good one," and offer a fist pump.

2. A really annoying person says something he thinks is funny, so you say "Good one, good one," and offer a pump. When he goes for it, you give a thumbs down and say "Thbbbbttttt!!!" Now he feels like a dumbass. Nice...